What do you need to know about purchasing an insurance policy for your trucking business? Insurance is one of the largest fixed expenses that a trucking company will face. There are a variety of factors that effect insurance costs like age of equipment, commodities, hauls, radius, vehicle location, loss history, and your years in business. Here are some examples of common coverage’s you’ll want to make sure your insurance policy has covered:

General Liability Coverage

This coverage protects the trucking business against any property damage or bodily injury that might occur without the presence of a truck. This policy is there to keep your company afloat in case of major accidents like a client slipping and falling in your office, a load getting delivered to the wrong place, or contractual exposures you may be involved in.

Non-Trucking

This coverage pays for an accident when the truck driver is not under dispatch.

Bobtail

This coverage is for if you are required to have a policy in place for when your truck is operating without a trailer. This coverage pays for the damages or injuries caused while the trailer is detailed from your truck, whether or not you are dispatched on a job.

Cargo

This covers the damaged or losses to freight that is in-transit from any external cause. This policy will pay regardless of which carrier is ultimately at fault. Damages that are covered include: inappropriate packing, infestation, cargo abandonment, customs rejection, and employee’s dishonesty.

Physical Damage Coverage

This covers damages to your truck and trailer that result from an accident you are not liable for. Your premium is based on the value of your equipment. Damages that are covered: collision, overturn, or natural disaster, even if you experience total loss.